• Sunday, July 14, 2024
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ExxonMobil declares force majeure on Nigerian oil lifting

Nigerian regulator expects ExxonMobil asset sale to close soon

Following industrial action, ExxonMobil Corp. units in Nigeria have declared force majeure on oil loadings from multiple terminals in the country, according to a spokesman for one of the companies who speak with Bloomberg.

Three units of the US is multinational announced the move, which allows them to avoid contractual obligations due to events beyond their control, according to an email from a spokesman for one of those entities, Mobil Producing Nigeria Unlimited.

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Exxon is one of Nigeria’s largest oil producers, and its Qua Iboe program is one of the country’s most important export streams.

The disruption will be a blow to Nigeria, whose oil supply has been plagued by disruptions for several years, including theft from oil pipelines and sabotage. Traders are sometimes hesitant to purchase Nigerian barrels due to concerns that the cargoes will not load as planned.

Esso Exploration and Production Nigeria Ltd. and Esso Exploration and Production (Offshore East) Ltd. declared force majeure from their respective terminals, according to the spokesman.